The fall 2017 CMHC Rental Market Report for Calgary CMA was released this morning. Of all the reports and media noise out there, this is one detailed report to review every time it is released.
After increasing for three consecutive years, the apartment vacancy rate in the Calgary CMA declined in 2017.
The rise in the number of units added to the purpose-built rental market universe was the largest increase since 1994.
Rents on a same-sample basis declined slightly from the previous year.
Those are some positive patterns. Even with the increase in inventory the local vacancy rate went down. Couple that with new mortgage rules that may require folks to rent rather than buy in the coming year and some opportunities begin to take shape.
Take care to review the detailed charts. The variation in turnover rates, average rents, rent averages based on construction year and other details are amazing detailed information available to potential investors.